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Cyprus Property News

Pafilia Developers pull out of Paphos Marina Contract.

Date: 15/11/18

In a clear acknowledgment that much has changed in the world since the last round of tenders for the Paphos Marina, Pafilia Developers who have been awarded the contract almost as the “last man standing” have backed out the deal.

This means that the tender will be returned in order to allow
today’s economic realities to be factored into the deal.

This particular game of “pass the parcel” has stretched out
over a period of more than a decade. Almost all the major developers including
Aristo, Leptos, Cybraco and lastly Pafilia have “won” the tender at one time or
another. Pafilia cited the chaotic contract process that has led to numerous
delays and numerous legal challenges causing the developer to ultimately back
out. Pafilia Developers have reaffirmed their commitment to other projects,
including “The One” & “NEO” – skyscrapers in Limassol, and Minthis Hills in
Paphos.

What happens next? Well, we wait for the decision makers to
sift through the wreckage of this contract and hopefully come up with a
fast-track solution to finally get this project started. What is clear from
Pafilia’s withdrawal, is that any future plan will have to be more profitable
and modest in its scale than those previously proposed.